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Descrição Detalhada da Publicação
Public investment in transportation infrastructure and economic performance in Portugal
Título Revista
Journal of Economic Development
Ano (publicação definitiva)
2007
Língua
Inglês
País
Coreia do Sul
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Abstract/Resumo
The objective of this paper is to evaluate the effects at the industry level of public
investment in transportation infrastructures in Portugal. The empirical results are based on
VAR/ECM models for the Portuguese economy and for eighteen industries covering the
whole spectrum of economic activity in the country. These models consider private-sector
output, employment and investment as well as public investment. Empirical results at the
aggregate level indicate that public investment has a positive effect on both private inputs as
well as on private output and that it affects labor productivity positively. These aggregate
results, however, hide a wide variety of industry-level effects. In absolute terms, the
industries that benefit the most from public investment are Construction, Trade,
Transportation, Finance, Real Estate, and Services. In turn, relative to their size, the
industries that benefit the most are Mining, Non-Metal Products, Metal Products, Construction, Restaurants, Transportation, and Finance, and, therefore, public investment tends to shift the industry mix toward these industries. Accordingly, our empirical results
suggest that although public investment has been a powerful instrument to enhance the
long-term economic performance in Portugal it does so in a way that is rather unbalanced
across industries.
Agradecimentos/Acknowledgements
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Palavras-chave
Infrastructures,Industry performance,Portugal